Tag: esg

  • Labor department ESG rule sent back to lower court for rehearing

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    The U.S. Court of Appeals for the Fifth Circuit ruled July 18 that the U.S. District Court for the Northern District of Texas must rehear the Republican attorneys general lawsuit opposing the Department of Labor’s 2022 rule allowing the use of ESG in ERISA-governed pension plans. The Fifth Circuit said the lower court needed to…

  • House Appropriations Committee passes budget blocking ESG labor rule

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    The House Appropriations Committee passed a fiscal year 2025 labor budget bill on July 10 that proposed prohibiting the Department of Labor from implementing its rule allowing ESG considerations in Employee Retirement Income Security Act (ERISA)-governed retirement plans. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To…

  • Indiana treasurer adds BlackRock to state ESG watchlist

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    Indiana Treasurer Daniel Elliott (R) announced June 21 that he added BlackRock, the world’s largest asset manager, to “a state watchlist, accusing the firm of making illegal environmental, social or governance (ESG) commitments,” according to the Indiana Capital Chronicle. The decision was related to a 2023 state law banning ESG in state pension investments. Ballotpedia…

  • House Judiciary Committee report alleges organizations colluded to force ESG policies

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    The House Judiciary Committee released an interim report on June 11 alleging that several organizations, investors, and asset managers colluded to force American corporations to adopt ESG policies. The report specifically referred to Ceres, Climate Action 100+, the Net Zero Asset Managers Initiative, the California Public Employees’ Retirement System (CalPERS), and the Big Three asset…

  • Oklahoma adds Barclays as restricted business

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    Oklahoma Treasurer Todd Russ (R) announced on May 3 that Barclays boycotted fossil fuel companies under the state’s legal definition and was therefore restricted in its ability to do business with the state. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for,…

  • U.S. ESG funds see record outflows

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    In the first quarter of 2024, U.S. investors removed nearly $9 billion of net capital from funds promoting ESG investing strategies. The move marked the largest ESG outflow recorded. Ballotpedia tracks support for and opposition to the environmental, social, and corporate governance (ESG) investing movement. To learn more about arguments for, against, and about ESG,…

  • Texas fund adopts shareholder voting approach opposing ESG

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    The Texas Permanent School Fund announced last week that it will use a new proxy voting option from Institutional Shareholder Services (ISS) referred to as the ESG skeptic option, which was developed by Bowyer Research. The move came after the fund generated headlines last month when it removed $8.5 billion from BlackRock’s asset management over…

  • West Virginia adds four banks to restricted institution list over ESG policies

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    West Virginia Treasurer Riley Moore (R) announced April 8 that four large banks and financial services firms—Citigroup, TD Bank, HSBC, and The Northern Trust Company—were ineligible to do business with the state under a 2022 state law prohibiting contracts with businesses that boycott fossil fuel companies. The announcement came after Moore sent a letter to…

  • Mississippi issues cease and desist order to BlackRock, warns of potential fines

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    Mississippi Secretary of State Michael Watson (R) on March 26, 2024, sent a cease and desist letter to BlackRock arguing the firm misled investors regarding the extent of its commitment to ESG strategies and threatened to fine the asset manager. Watson specifically said BlackRock’s claim that the firm’s non-ESG funds did not “seek to follow…